On May 21, 86 million PI tokens were withdrawn from a well-known platform within hours, sparking speculation across the PI Network community. While many view this as a bullish indicator due to the decreased circulating supply, controversy arises with accusations that the core team may have sold up to 50 million PI tokens post-consensus 2025. Currently, the price of PI has risen by 11.4% in the last 24 hours, trading at $0.8268 - renewing strong bullish sentiment in the market. 86 million PI tokens were withdrawn from the OKX Exchange. Source: Piscan.io According to pi.next.gen, a prominent X account covering developments in the PI Network, over 86 million PI tokens were withdrawn from the OKX Exchange within hours. Blockchain data shows that only 21 million tokens remain now in the OKX wallet. The sudden and massive withdrawal has led to supply shock, often considered a bullish driver in cryptocurrency markets. Supporters expect this could drive the market towards a continued bullish PI rally in the coming days. PI Price Analysis: Early May: PI was priced around $0.6141. Early volatility kept it within a narrow range of $0.5791 - $0.6141. On May 8, a 10.66% spike broke this range. From May 8 to May 13, PI rose by 112.31%. However, from May 14 to May 17, a strong correction of 43.95% wiped out its value. Renewed optimism entered the market after the 2025 Consensus Keynote by the founder and CTO of the PI Network, Dr. Nicholas Kokalit. He explained how artificial intelligence and blockchain can drive global adoption. Since May 18, the PI token has seen a 19.6% recovery, with a notable 11.4% increase in the last 24 hours alone. Read also: Is the PI Network the biggest crypto scam of 2025? The PI Network core team was accused of dumping 50 million PI tokens. Allegations have emerged that the core team sold up to 50 million PI tokens for profit after the 2025 consensus. The claims have sparked anger among some community members, raising questions about transparency. A well-known PI supporter, DAO World, responded on X, stating that the accusations are baseless and lack data-backed evidence. They confirmed that between February 27 and March 4, nearly 9.99 million PI tokens were transferred, some of which may have been sold. However, they argued that this amount is minor compared to the 7.17 billion PI that migrated and likely aligns with the project’s whitepaper. Past token movements and price impact: Between February 20-26, the PI market saw a dramatic 2,721.9% increase. However, following the token movements (February 27 - March 4), PI faced its first major correction, retracting by 40.93%. This pattern of sharp movement has fueled ongoing speculation about internal token management and its impact on market behavior. Final thoughts: Recent developments - the withdrawal of PI tokens from OKX, price volatility, and leadership accusations - highlight the PI Network navigating a critical phase currently. While the community remains largely optimistic, calls for more transparency and clearer tokenomics continue to grow louder. Don’t miss a beat in the crypto world! Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, Altcoins, DeFi, NFTs, and more.
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